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BitMEX Suddenly Suspends Trading. Here’s What Happened

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Wed, 26/10/2022 - 15:51
BitMEX Suddenly Suspends Trading. Here’s What Happened
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Cryptocurrency exchange BitMEX has suspended trading due to "a technical issue," according to a recent announcement

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The exchange says that it is currently working on a fix, without specifying how much time it will possibly take to resume trading. 

BitMEX has stressed that its customers' funds are safe. "We remind our customers that all funds are safe, and we apologize for any inconvenience." 

It will be able to process deposits and withdrawals after resolving the issue.   

Earlier this week, BitMEX CEO Alexander Hoeptner called it quits. He was replaced by Chief Financial Officer Stephan Lutz. Hoeptner, former Borse Stuttgart GmbH, spearheaded BitMEX in 2020 after the departure of Arthur Hayes. He took over from interim CEO Vivien Khoo. 

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BitMEX, which was founded back in 2014, quickly emerged as one of the leaders in the derivatives sector. Hoeptner has managed to transform the controversial exchange, which was plagued by a litany of legal troubles, into a regulatory-compliant platform. However, BitMEX's derivatives market share has seen a significant decline over the past few years. The exchange expanded its services to spot trading and custody in a bid to attract more customers.          

Earlier this October, Hoeptner said that the largest exchange was planning to launch a new native token.    

UPDATE (Oct. 26, 16:12 UTC): BitMEX says that its trading engine is back online on cancel mode only. Trading is expected to resume at 16:15 UTC.       

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